Nigeria Treasury bills · auction of 9 November 2022
Nigeria T-bill auction, 9 November 2022: 364-day at 13.99%, down 51 bps
At the Treasury bill auction dated 9 November 2022, the Central Bank of Nigeria set stop rates on the 91-day bill at 6.50% (unchanged), the 182-day bill at 8.05% (unchanged) and the 364-day bill at 13.99% (down 51 basis points). The rate shown is the stop (issue) rate at the primary auction.
Demand was strong: bids totalled NGN 520.9bn against NGN 193.0bn on offer, 270% of the amount sought, and NGN 310.1bn was accepted.
Over the past year the 364-day rate has ranged from 4.00% to 14.50%.
A year earlier the 364-day bill cleared at 6.99%, so the government is paying 700 basis points more than twelve months ago.
What this means for NGN 1,000,000
Worked from the published rate · information, not advice
NGN 139,900 in 12 months on the 364-day bill
Put NGN 1,000,000 into the 364-day bill at this auction and you get back NGN 1,139,900 after 12 months: NGN 139,900 in interest before any withholding tax, about NGN 11,658 a month.
That is NGN 5,100 less than the same money would have earned at the previous auction.
For shorter money: NGN 40,250 on the 182-day bill (6 months), NGN 16,250 on the 91-day bill (3 months).
The government pays the full amount at maturity; the risk is Nigeria’s government not paying, and the money is locked until then.
Results
By tenor
| Tenor | Rate | Previous | Offered | Bids | Accepted |
|---|---|---|---|---|---|
| 91-day | 6.500% | 6.500% | NGN 21.15bn | NGN 15.14bn | NGN 4.52bn |
| 182-day | 8.050% | 8.050% | NGN 32.83bn | NGN 6.36bn | NGN 5.44bn |
| 364-day | 13.990% | 14.500% | NGN 139.06bn | NGN 499.42bn | NGN 300.16bn |
Source: Central Bank of Nigeria result · stop (issue) rate at the primary auction
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Afronomics (2026). Nigeria Treasury bill auction, 9 November 2022, compiled from the Central Bank of Nigeria. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/nigeria/2022-11-09
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